Business Improvement Districts
An Explanation
"A Business Improvement District enables groups of businesses to commission projects which will lead to improvements in their local trading environments, funded through a local increase in business rates.
The funding cannot be used to support or pay for any services already provided by the public sector, and is ringfenced locally and 100% used to commission and deliver the project or services demanded by local companies."
This arrangement normally lasts for a period of 5 years and is only achievable once the local authority has held a legal ballot. The Secretary of State must be informed and the BID Proposer must produce a business plan that outlines expenditure on mutually beneficial actions and initiatives. Toolkits are available to facilitate development of Business Improvement Districts.
Local Example
Further Information
Contact Southern Cross Estate Residents Ltd on 01243 828291.